Popular billionaire and owner of the NBA team Dallas Mavericks, Mark Cuban, decided to farm yield with the rest DeFi apes, but eventually got a bad day in the office.
While some suggested his actions crashed the price of Titan a token by Iron Finance, he still denied allegations.
Mark Cuban on June, 13th, made a blog post on DeFi and yield farming and mentioned his investment in Titan.
Titan did a 100x in just a few days after this blog post and the result is the chart above.
"As long as I keep making a good return, I will keep my money invested (Volatility can create mark to market losses). If not, I can immediately withdraw it (some platforms have a hold period or penalties) ."
While DeFi is an amazing technology, for the time being, it is still raw, has been hit with exploits, is poorly coded/audited, and on shady DEXs even founders rug-pull investors.
The blog post is basically worthless to read and a waste of time. But there is an interesting part:
One place that these organizations are VERY DIFFERENT is that they are not based in the USA and they are not corporations. They are foundations. They are Decentralized in their governance. NO ONE owns majority control (although the founders certainly have significant influence). This is not only because of the ethos of Decentralized Autonomous Organizations (DAOS), but also because of the ABSOLUTE STUPIDITY of our regulators forcing some of the most impactful and innovative entrepreneurs of this generation to foreign countries to run their businesses.
The part that Decentralized Finance is to be used as autonomous networks means they are not controlled by a government or a developing team.
Yet, as Cuban already explains most of them are heavily influenced by the actions of the founders. Thus, most of the current DAOs are not censorship-resistant and have someone in control.
Mark Cuban though, probably convinced too many of his followers that read this post to enter Titan and then, yesterday this happened:
And, its gone:
It was a very impactful and innovative project until the moment it got rug pulled.
As usual Twitter reacted and Cuban tried to save his public image.
He was providing liquidity and while he claims he wasn't backing Titan, the fact is that just by discussing it in his blog, the price went up parabolically in a matter of days.
I've written a post about celebrities in crypto just a few days ago. I'm sure that those that read it, did not invest in Titan and didn't take any financial advice from celebrities. Celebrities and Crypto - A Recipe for Disaster (Leo Messi, Kim Kardashian, and more!). If you got burned by Dog-Coins, memes, and scam DeFi, then maybe reading this will help you decide better next time.
Usually, the CryptoVerse is only interested in FOMO articles, following the narratives, and perhaps even writing about crazy conspiracy theories to please some of their followers. Promoting a scam occasionally is also not a problem for many in this field.
Elon Musk damaged his image way too much with Dogecoin BS and the same with many more that just scratched the surface and tried to reach McAfee's fame in the pump and dump world.
“The thing about defi plays like this is that it’s all about revenue and math and I was too lazy to do the math to determine what the key metrics were”
Due diligence and calculation of the extent of risk is important.
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One have to be careful this days Most of the defi who use to give millions of token as a giveaway through airdrops are scams end up being scams